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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#551

Post by majewsky »

UncleMeat wrote: post #208
NikolaNovak wrote: post #149

Earlier quoted context omitted.

Unfortunately it's common enough. It's harsh, it's cold, but ultimately for companies it's a real necessity. The explanation is blunt and correct - even a single malicious actor can enact HUGE devastating harm. It doesn't have to be hot wallet / cold storage. Source code, business plans, revenue & profit statements, SSH to servers, physical access to datacentre, client contact lists, etc etc... there's a myriad thing…

> Friendly, smiley, fake. My father had to lay off a bunch of people in 2008. I am now a manager. He told me that if I am ever forced to do this to not ever do this crap to my team. Tell them that this is bullshit. Tell them that you are upset. Tell them that you haven't slept. Tell them that the are right to be mad, disappointed, and even to hate you for choosing their head to roll. Anything better than fake smiles…

> Tell them that you haven't slept.

This is the odd one out here. Showing your grief about an undesirable decision is one thing. But implying that you're making significant decisions about your employees' welfare in a deteriorated mental state is wildly unprofessional (even if truthful).

Re: Coinbase Announces 18% Layoffs

#552

Post by ceejayoz »

JKCalhoun wrote: post #416
ceejayoz wrote: post #197

Earlier quoted context omitted.

$15k; you can buy $5k with your tax return. $30k if you've a spouse.

Ha ha, what tax return? Thanks, though. Setting up an account today.

If you want, you can overpay taxes by $5k to get a refund to put into I Bonds.

Re: Coinbase Announces 18% Layoffs

#553

Post by bobkazamakis »

cdiddy2 wrote: post #345
Nextgrid wrote: post #143

Earlier quoted context omitted.

Nobody's using crypto for its intended purpose - its value proposition when it comes to payments is just as dubious as it ever was. The vast majority of the attention for crypto has been for its speculative aspect.

There are tons of people using it for its apolitical and censorship resistant nature. Afghanistan/Ukraine/Lebanon/Argentina/Venezuela/Nigeria/Turkey/Belarus/Mexico to name a few countries where it is very relevant and useful https://www.bbc.com/news/world-asia-60715707 https://www.financialinclusion.tech/

>There are tons of people using it for its apolitical and censorship resistant nature.

bahahaha. the story never changes but bitcoin is always the proletariat fighting against the powers that be. Don't worry, El Salvador is accepting it as legal tender!

Re: Coinbase Announces 18% Layoffs

#554

Post by minsc_and_boo »

lawn wrote: post #523
minsc_and_boo wrote: post #489

Earlier quoted context omitted.

Monero and its ability to transact privately is only valuable if you're participating in criminal activity, which is not the vast majority of people. You may say that, no, hypothetically you are a privacy-enthusiast and like monero as a hobby money, but in reality most rational actors on Monero as evading taxes and using DNMs. (I would also argue that Monero is the only crypto that is more currency than any other cry…

It absolutely is not only for criminals. A simple example: you go to a store and buy something with BTC. All good so far. But the store owner can see on the public blockchain that the wallet you paid with contains a lot of Bitcoin, and that you were in fact a crypto multi-millionaire. And he and his buddies will now target you in a nightly visit where they'll torture you and your family until you give them your coins…

>You may say that, no, hypothetically you are a privacy-enthusiast and like monero as a hobby money, but in reality most rational actors on Monero as evading taxes and using DNMs.

Again, your hypotheticals diverge from the reality.

Re: Coinbase Announces 18% Layoffs

#555

Post by adbachman »

oldstrangers wrote: post #472

It's shocking to me that people keep fucking up these money printing machines (read: crypto exchanges). Your incessant need for growth and share holder value completely rots your brain and you take a golden goose and burden it with so much overhead that it becomes unsustainable. Why?! Just sit back and collect exchange fees, become rich beyond your imagination (see FTX).

The "money printing machine" relies 100% on inducing new suckers to participate. If you sit still (i.e., don't spend $$ on customer acquisition) the whole system dies.

Re: Coinbase Announces 18% Layoffs

#556

Post by Cederfjard »

saint_angels wrote: post #263
Nextgrid wrote: post #143

Earlier quoted context omitted.

Nobody's using crypto for its intended purpose - its value proposition when it comes to payments is just as dubious as it ever was. The vast majority of the attention for crypto has been for its speculative aspect.

I'm receiving part of my salary in USDT, and find it valuable. Traditional banking system doesn't work well for everyone.

What do you use the USDT for? Any type of spending?

Re: Coinbase Announces 18% Layoffs

#557

Post by leokennis »

hn_throwaway_99 wrote: post #353
leokennis wrote: post #270

Earlier quoted context omitted.

I have a lot of access to very confidential customer information at my job. But based on passwords I need to request that require someone else to approve. Based on a ticket/incident/change number that actually needs to exist. The password rotates as soon as it expires. All password requests and usage are logged and audited. If you need to completely revoke someone's account overnight to prevent adverse impact, you de…

> If you need to completely revoke someone's account overnight to prevent adverse impact, you designed your "access matrix" incorrectly. This doesn't make any sense to me, and is in fact exactly how it should work. So you're telling me that every time, say, a CS rep needs to access some sensitive customer information (which is almost every single call), you think they should need to go through some password approval…

Of course it will depend on exactly how sensitive etc. the information is and there are always grey areas.

But indeed, permanent access to sensitive info without ever needing approval from a second person (beyond being hired and gaining the access) seems like a bad idea.

Re: Coinbase Announces 18% Layoffs

#558

Post by dixie_land »

nemo44x wrote: post #72
Barrera wrote: post #60

> If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensu…

Pretty standard to not let terminated employees hang around. It feels cold but it’s just the way it has to be. Sone places will even do this when an employee submits a resignation on good terms. Just a way for the company to cover themselves.

Esp for finance institutions.

While in colleague I interned for a major investment bank. They extended my internship since I was doing a good job and have a few weeks to spare.

However IT did not get the memo and the very next day after my original termination date I came to my desk to find my machine wiped and account deactivated.

Re: Coinbase Announces 18% Layoffs

#559

Post by coinbasesteals »

hudon wrote: post #441
TekMol wrote: post #425

So they scaled from 1000 to 2000 employees in a year because ... There were new use cases enabled by crypto getting traction practically every week. We saw the opportunities but we needed to massively scale our team to be positioned to compete in a broad array of bets. ...yet they have not enabled their users to use the Lightning Network? I wonder why. The LN would enable all Coinbase users to do nearly instant and n…

They make their money from the large cryptocurrency trading market and focus on allowing more speculative tokens to be traded. They probably correctly assess that the market of people who want to use Bitcoin for daily transactions is comparatively insignificant.

No post body was provided.

Re: Coinbase Announces 18% Layoffs

#560

Post by Symbiote »

ohgodplsno wrote: post #526
refurb wrote: post #335

Earlier quoted context omitted.

Wait, France makes it illegal to keep paying an employee and tell them not to do any work? That sounds awful.

Doubly so if it's alienating and you require them to come to work, as it is considered harassment and mental abuse. you may however send the employee home with his full salary and no obligation to work. I know, worker protection is a crazy concept.

You started by quoting

>> You can definitely be paid laid off employee for a period of time, while having your access revoked.

and replying

> In France, this is a breach of contract

And now you write

> you may however send the employee home with his full salary and no obligation to work

Which was exactly the original claim!

I'm not sure if you misread or misunderstood, but you have been arguing incorrectly in most of your subsequent replies, and the sarcastic jibes at other countries don't help.

France is a more trusting society than the USA, so I won't be surprised if gardening leave is less common, but you can be sure it's sometimes used when employees of investment banks, defence contractors, the government, military etc are made redundant or resign.

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